国际金融英文版(托马斯.A.普格尔 著)---Chapter Two.ppt

Fundamentals of BOP Accounting Goods includes goods such as raw materials and manufactured goods that are bought, sold or given away (possibly in the form of aid). Services refer to receipts from tourism, transportation (like the levy that must be paid in Egypt when a ship passes through the Suez Canal), engineering, business service fees (from lawyers or management consulting, for example), and royalties from patents and copyrights. Fundamentals of BOP Accounting Income: Receipts from income-generating assets such as stocks (in the form of dividends) are also recorded in the current account. The last component of the current account is unilateral transfers. These are credits that are mostly workers remittances, which are salaries sent back into the home country of a national working abroad, as well as foreign aid that is directly received. Fundamentals of BOP Accounting The financial account is where all international capital transfers are recorded. It is a record of all international transactions for assets including bonds, treasury bills, bank deposits, stocks, currency, real estate, etc. Also included are government-owned assets such as foreign reserves, gold, special drawing rights (SDRs) held with the International Monetary Fund, private assets held abroad, and direct foreign investment. Assets owned by foreigners, private and official, are also recorded in the financial account Fundamentals of BOP Accounting An account may show a surplus or a deficit. For example, a trade surplus implies that a countrys exports are higher than its imports and hence there is a net flow of money into the country. A trade deficit, on the other hand, implies that the countrys imports exceed its exports and hence there is a net flow of money out of the country. For a country to have a zero balance of payments, a current account deficit must be balanced by a capital account surplus. The US have been running a negative current account for a long while, which is financed thr